Clarivate (NYSE:CLVT) Stock Gets Price Target Cut from The Goldman Sachs Group

Key Points

• Goldman Sachs cut its price target on Clarivate from $2.60 to $2.30 and maintained a neutral rating, implying 2.31% upside from the stock’s then-current price.
• Analyst sentiment is cautious: Clarivate has a consensus “Reduce” rating, with one Buy, five Hold, and three Sell recommendations; the average price target is $2.65.
• Clarivate beat quarterly EPS estimates ($0.21 versus $0.18) but revenue fell short of forecasts and declined 22.7% year over year to $481.6 million.

Clarivate (NYSE:CLVT - Get Free Report) had its price target decreased by equities researchers at The Goldman Sachs Group from $2.60 to $2.30 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price would indicate a potential upside of 2.31% from the stock's current price.

Several other equities research analysts have also commented on the company. Jefferies Financial Group reiterated a "hold" rating and set a $2.25 price objective on shares of Clarivate in a research note on Thursday. Weiss Ratings restated a "sell (e+)" rating on shares of Clarivate in a research report on Monday, September 21st. William Blair lowered Clarivate to a "market perform" rating in a research note on Thursday, October 15th. Morgan Stanley assumed coverage on Clarivate in a research report on Friday, October 30th. They set an "underweight" rating and a $1.50 price target for the company. Finally, Barclays reduced their price objective on Clarivate from $2.50 to $2.00 and set an "underweight" rating for the company in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Clarivate presently has a consensus rating of "Reduce" and an average price target of $2.65.

Clarivate Stock Performance

Shares of CLVT traded up $0.13 during trading hours on Thursday, hitting $2.25. The stock had a trading volume of 3,226,782 shares, compared to its average volume of 6,010,560. The firm has a 50-day moving average price of $1.81 and a 200 day moving average price of $2.21. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -3.68 and a beta of 1.38. Clarivate has a fifty-two week low of $1.42 and a fifty-two week high of $3.87. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 0.85.

Clarivate (NYSE:CLVT - Get Free Report) last posted its earnings results on Tuesday, November 3rd. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.18 by $0.03. The firm had revenue of $481.60 million for the quarter, compared to analysts' expectations of $566.77 million. Clarivate had a positive return on equity of 9.73% and a negative net margin of 17.02%. The company's quarterly revenue was down 22.7% on a year-over-year basis. During the same period last year, the firm earned $0.18 EPS. As a group, research analysts anticipate that Clarivate will post 0.64 EPS for the current year.

Insider Buying and Selling

In related news, Director Kenneth Cornick acquired 250,000 shares of Clarivate stock in a transaction that occurred on Friday, August 7th. The shares were purchased at an average price of $1.85 per share, for a total transaction of $462,500.00. Following the completion of the transaction, the director owned 2,000,000 shares in the company, valued at $3,700,000. This represents a 14.29% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 22.88% of the company's stock.

Hedge Funds Weigh In On Clarivate

Hedge funds have recently bought and sold shares of the company. Abel Hall LLC grew its position in shares of Clarivate by 12.4% in the 1st quarter. Abel Hall LLC now owns 54,302 shares of the company's stock valued at $137,000 after buying an additional 5,972 shares during the last quarter. Parallel Advisors LLC raised its stake in Clarivate by 94.2% during the 1st quarter. Parallel Advisors LLC now owns 13,786 shares of the company's stock worth $35,000 after acquiring an additional 6,687 shares in the last quarter. Royal Bank of Canada lifted its position in Clarivate by 44.8% in the first quarter. Royal Bank of Canada now owns 32,818 shares of the company's stock valued at $83,000 after acquiring an additional 10,149 shares during the last quarter. Ancora Advisors LLC lifted its position in Clarivate by 12.3% in the second quarter. Ancora Advisors LLC now owns 100,000 shares of the company's stock valued at $216,000 after acquiring an additional 10,970 shares during the last quarter. Finally, Personal CFO Solutions LLC purchased a new stake in Clarivate in the first quarter valued at $30,000. Institutional investors and hedge funds own 85.72% of the company's stock.

Clarivate Company Profile

Clarivate Plc NYSE: CLVT provides analytics, data, and workflow solutions to organizations in academia, government, research, life sciences, and intellectual property. Its offerings are designed to help customers evaluate research, manage information, accelerate innovation, and support strategic decision-making.

The company's products include Web of Science research databases and citation analytics, InCites research evaluation tools, Derwent innovation and patent intelligence services, and Cortellis life sciences and drug-development information.

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